ImClone appoints former J&J exec as CEO

ImClone Systems said Thursday that former Johnson & Johnson executive John Johnson will take over as CEO effective Aug. 27.

Johnson most recently served as group chairman of J&J's worldwide biopharmaceuticals unit and has held various senior management positions at J&J.

ImClone had previously been run by a committee created when investor Carl Icahn took over the company and ousted its top officials 10 months ago.

Johnson has a challenging job ahead as ImClone looks to expand its pipeline and the market for its only product Erbitux, currently approved for use to treat cancers of the head and neck and colorectal cancers.

ImClone and marketing partner Bristol Myers-Squibb had hoped to win approval for Erbitux as a lung cancer treatment however a recent late-stage study of the drug in lung-cancer patients didn't meet the primary endpoint of progression-free survival.